In April 2025, the average monthly price of the Canadian oil benchmark Western Canadian Select amounted to ***** U.S. dollars per barrel. This was a decrease compared to the previous month. Western Canadian Select is a heavy sour blend of crude oil, produced exclusively in Western Canada. The importance of Canada’s oil sands Not only are the oil sands a vital part of the Canadian energy industry, they play a large part in the national economy as well. In 2023, the oil sands extraction industry contributed over ** billion Canadian dollars to Canada's GDP. This represented a share of **** percent of the total GDP. Furthermore, they are the largest single source of oil exports to their neighbors to the south, the United States. Oil sands are a combination of sand, water, and bitumen, and therefore a more expensive source of crude oil than conventional oil as oil sands require extensive processing. Meanwhile, that same year the contribution of conventional crude oil and gas extraction stood at ** billion Canadian dollars, which translated to **** percent of total GDP. Canada’s main oil export partner remains the U.S. In 2023, Canada’s oil exports amounted to over *** million barrels per day. This was a historical high and represented more than twice the amount exported in 2005 thanks to oil sand exploration. The United States is Canada’s main oil destination market, receiving ***** million metric tons in 2023. Far in second place came China, with *** million metric tons exported there that same year.

United States Crude Oil Price: EIA: Landed Cost of Imports: Canada data was reported at 57.310 USD/Barrel in Aug 2018. This records a decrease from the previous number of 59.000 USD/Barrel for Jul 2018. United States Crude Oil Price: EIA: Landed Cost of Imports: Canada data is updated monthly, averaging 25.060 USD/Barrel from Oct 1973 (Median) to Aug 2018, with 539 observations. The data reached an all-time high of 122.830 USD/Barrel in Jul 2008 and a record low of 4.820 USD/Barrel in Oct 1973. United States Crude Oil Price: EIA: Landed Cost of Imports: Canada data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P002: Energy Price.

Crude Oil fell to 64.78 USD/Bbl on July 1, 2025, down 0.50% from the previous day. Over the past month, Crude Oil's price has risen 3.62%, but it is still 21.77% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on July of 2025.

The price for one barrel of oil exported from Canada stood at an average of 65.27 U.S. dollars in 2024. This was a decrease of some 13 U.S. dollars compared to 2022. These figures also closely mirrored Canada's benchmark WCS oil price.

The Western Canadian Select (WCS) oil price has experienced significant fluctuations over the past two decades, reflecting the volatile nature of global oil markets. In 2024, the annual average WCS oil price reached 60.99 U.S. dollars per barrel, a slight increase from the previous year. This price movement is part of a broader trend in the oil industry, where prices have been influenced by various economic and geopolitical factors. What impacts oil prices? Oil prices have been on a rollercoaster ride since the early 2000s, with dramatic fluctuations observed in OPEC Reference Basket oils. For instance, the Saharan Blend from Algeria saw its price rise from about 25 U.S. dollars per barrel in 2002 to over 111 U.S. dollars a decade later, before settling at 83.64 U.S. dollars in 2023. These price swings have been driven by major events such as the 2008 global financial crisis, the 2020 coronavirus pandemic, and the 2022 energy supply crisis following the Russia-Ukraine war. The volatility in oil prices has had far-reaching impacts on global economies and energy markets as they impact manufacturers and consumers. How regionally important crudes can influence the global economy While WCS prices reflect trends in the North American market, other regional benchmarks provide insights into global oil dynamics. For example, Dubai Crude (Fateh), an important benchmark for Asia, averaged 82.09 U.S. dollars per barrel in 2023, down from 96.38 U.S. dollars the previous year. Similarly, Russia's Urals crude oil, a major export brand, saw its price fluctuate in response to global events and policy decisions, such as the price cap imposed by the G7, EU, and Australia in December 2022. These regional variations highlight the complex interplay of supply, demand, and geopolitical factors in shaping global oil prices.

Interactive chart showing the daily closing price for West Texas Intermediate (NYMEX) Crude Oil over the last 10 years. The prices shown are in U.S. dollars.

Learn about the cost of oil production per barrel in different countries, including Saudi Arabia, Iran, Iraq, United States, Canada, and Venezuela. Find out how factors such as geological conditions, extraction methods, labor costs, infrastructure development, and government policies contribute to these variations and impact the profitability of oil production.

On June 23, 2025, the Brent crude oil price stood at 70.98 U.S. dollars per barrel, compared to 68.51 U.S. dollars for WTI oil and 76.19 U.S. dollars for the OPEC basket. OPEC prices rose that week following expected supply constraints related to the Israel-Iran conflict.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (whereby a contract is agreed upon, while the product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

Revenue for the Canadian Petroleum Refining industry has been volatile. Crude oil is the primary input into industry products, and therefore, its price is the primary driver of industry revenue. However, the pandemic's collapse in oil prices in 2020 drove refinancing revenue down. Subsequently, high demand and ongoing supply chain disruptions led crude oil prices to spike sharply, translating into an industry revenue boom in 2021 and 2022. However, tempering oil prices in 2024 and potentially 2025 will depress revenue growth during the period. Overall, industry revenue is forecast to fall at a CAGR of 0.2% to $85.4 billion over the five years to 2025. In 2025, tempering oil prices are forecast to produce a revenue contraction of 4.6% for the industry. Like volatile revenue, the industry's profitability has tracked changes in oil prices. The shift in travel behaviours post-pandemic caused demand to surge, especially from downstream transportation markets. In 2020, refinery profits hit a five-year low, averaging just 5.7% across the industry. However, the surge in demand that followed has led to an industry-wide profit improvement, even as higher crude oil prices have raised purchase costs. The highly concentrated industry's structure has, meanwhile, remained largely unaltered. In 2025, profit is expected to reach 12.9% of revenue. The industry is projected to contract slowly as global oil prices continue to temper. Trade uncertainty and tariff pressures will lower oil prices and demand. Accordingly, industry revenue is forecast to contract at a CAGR of 0.9% to $81.8 billion over the five years to 2030. However, volatility is likely to intercede given global upheaval. Since 2022, the Canadian government has announced a ban on imports of crude oil from Russia in response to that country's invasion of Ukraine.

Canada has abundant resources of crude oil, with an estimated remaining ultimate potential of 52.3 106m³ (329 billion barrels) as of December 2017. Of this, oil sands account for 92 per cent. There are two major producing areas in Canada, the Western Canada Sedimentary Basin, which includes Alberta, Saskatchewan and parts of British Columbia and Manitoba, and offshore eastern Canada. Oil is also produced in modest volumes in Ontario and the Northwest Territories. Although Canada was the 4th largest producer in the world in 2018, it produces only about five per cent of total daily production, so it does not have a major influence on the world oil prices. In 2018, 96 per cent of Canadian crude exports went to the U.S. The Canada Energy Regulator regulates the export of crude oil. Holders of export authorizations report monthly statistics on export activities. This dataset provides historical export volumes of crude oil (by year and month), and by either type of oil or by destination of export.

Prices in US dollars per barrel of WCS oil and in Canadian dollars per gigajoule of natural gas.

Crude Oil Production in Canada decreased to 4783 BBL/D/1K in February from 5015 BBL/D/1K in January of 2025. This dataset provides the latest reported value for - Canada Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

This statistic shows the breakeven prices for Canadian and U.S. oil sands from selected projects, as of 2015. The Bakken project in Saskatchewan provides the best breakeven price deal with 44.30 U.S. dollars per barrel, while the Eagle Ford project in Texas produces oil sands at a breakeven price of 63.57 U.S. dollars per barrel.

The cost of oil production per barrel varies greatly from country to country due to a multitude of factors. This article provides an overview of the cost of oil production per barrel in major oil-producing countries such as the United States, Saudi Arabia, Russia, Canada, Iran, Iraq, and Venezuela. Factors such as geological characteristics, technological advancements, labor costs, and regulatory environment affect the costs. Estimated cost ranges from $10 to $70 per barrel, highlighting the differences acr

On December 19, 2022, WCS prices closed at 47.87 U.S. dollars per barrel. This was an increase compared to the previous week. Crude oil prices reached over 100 U.S. dollars on March 7 and May 16, following concerns by market traders over tight supplies as a result of the Russia-Ukraine war. Western Canadian Select is the main benchmark for crude oil produced from oil sands in Alberta. It usually trades at around 10 U.S. dollars below WTI - which is the reference price for crude oil originating in the United States.

The 2025 annual OPEC oil price stood at ***** U.S. dollars per barrel, as of May. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

Canada: Oil consumption, thousand barrels per day: The latest value from 2014 is 2407 thousand barrels per day, a decline from 2455 thousand barrels per day in 2013. In comparison, the world average is 444.70 thousand barrels per day, based on data from 210 countries. Historically, the average for Canada from 1980 to 2014 is 1949.46 thousand barrels per day. The minimum value, 1448 thousand barrels per day, was reached in 1983 while the maximum of 2470 thousand barrels per day was recorded in 2012.

Here is a breakdown of the approximate cost of producing a barrel of oil by country, including Saudi Arabia, Iran, United States, Russia, China, Canada, United Arab Emirates, Norway, Iraq, and Venezuela. These are approximate costs that can vary based on factors like technology advancements and government policies.

Canada: Liquefied petroleum gas consumption, thousand barrels per day: The latest value from 2023 is 202.72 thousand barrels per day, an increase from 188 thousand barrels per day in 2022. In comparison, the world average is 57.49 thousand barrels per day, based on data from 190 countries. Historically, the average for Canada from 1980 to 2023 is 120.37 thousand barrels per day. The minimum value, 0 thousand barrels per day, was reached in 1981 while the maximum of 202.72 thousand barrels per day was recorded in 2023.

Fossil fuels have been extracted in France since the beginning of the 20th century, helping to secure the country's energy supply. Today, crude oil is still used in a wide range of industries, the transport sector and private households. However, low international oil prices and dwindling reserves have put the industry under increasing pressure. The COVID-19 pandemic and the resulting sharp drop in demand for petroleum products led to a decline in prices in 2020. Following this, though the reopening of the European economy and the resumption of production activities drove a rapid increase in demand for fossil fuels in 2021. The beginning of the Russia-Ukraine war in February 2022 and the embargo on crude oil import from Russia further fuelled supply shortages and oil prices rose again over the year. As a result, extraction companies’ revenue edged upwards. However, this effect waned in 2023 as supply shortages abated, meaning the industry experienced a decline in revenue due to a drop in crude oil prices. Overall, revenue is expected to climb at a compound annual rate of 14.7% over the five years through 2025 to reach €225.1 million, including an estimated dip of 4.1% in 2025. It’s worth noting that this five-year growth is largely the result of a revenue dip in 2020, which led to high growth rates after the end of the pandemic. Otherwise, the industry is currently in decline. In 2025, the global market is expected to see a further slowdown in demand from major importer China, while rising oil production from countries such as the US, Canada, Guyana and Argentina is expected to keep supply high, contributing to falling crude oil prices. Profit in 2025 is expected to be slightly higher than in previous years, when companies struggled with especially high energy costs. As the transport sector evolves and shifts to electric vehicles, demand for crude oil products will begin to decline. Furthermore, the industry's production capacity is being constrained by dwindling reserves in France and a lack of new entrants. Revenue is forecast to decline at a compound annual rate of 7.2% over the five years to 2030 to €155.2 million. An increased focus on AI-based and automated extraction methods to streamline operations could help companies optimise extraction processes to minimise their environmental impact and support their competitiveness, but the drop in demand is still expected to keep the industry in decline.